Total property damage from Katrina storm surge estimated
September 29, 2005 by Canadian UnderwriterProperty damage caused by water related to Hurricane Katrina will reach a total figure of approximately $44 billion, according to AIR Worldwide Corp. “Katrina resulted in an unprecedented level of water damage,” Dr. Jayanta Guin, vice president of research and…
Newfoundland floods call for state of emergency
September 28, 2005 by Canadian UnderwriterHeavy rains recently inundating western Newfoundland and a small Labrador community instigated a state of emergency in Stephenville and resulted in flooding that eroded roads.More than 140 mm of rain felll causing a flood that precipitated the overflow of a…
RMS predicts Rita damages of US$4-7 billion
September 26, 2005 by Canadian UnderwriterRisk Management Solutions (RMS) recently estimated insured losses from Hurricane Rita are likely to range between $4 billion and $7 billion, based on current information on landfall location and wind speeds.“Hurricane Rita is comparable to last year’s Charley in that…
Private-sector losses from Katrina US$40-US$60 billion, RMS
September 23, 2005 by Canadian UnderwriterRisk Management Solutions (RMS) recently stated it will expand its methodologies for estimating insured losses using real-time reconnaissance data, catastrophe models and databases of insurance industry exposure. RMS says it still anticipates that private-sector insured losses from Hurricane Katrina will…
EQECAT estimates Katrina-related losses
September 23, 2005 by Canadian UnderwriterBased on a recent analysis, EQECAT, Inc. estimates insured losses to the offshore oil and gas industry, private automobiles and marine insurance, as well as commercially insured flood damages related to Hurricane Katrina are between US$11 billion and US$19 billion.…
XL Capital Group placed on CreditWatch
September 21, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has placed its ratings on XL Capital Group (XL) on CreditWatch, based on the uncertainty around Hurricane Katrina’s ultimate impact on XL’s capital adequacy ratio. The ratings and outlook on XL’s ‘AAA’ rated financial guaranty…
Fitch reviews adequacy of computer-modeling
September 19, 2005 by Canadian UnderwriterFitch Ratings in Chicago says it is reviewing “the reliability of catastrophe modeling” to support its analysis of the capital adequacy of insurers.Fitch said it presumes probabilistic vendor models used throughout the insurance industry to assess catastrophe exposures represent current,…
Reinsurers update Katrina losses
September 19, 2005 by Canadian UnderwriterRisk Management Solutions, which does catastrophe modeling, is reporting a more detailed breakdown of overall industry losses in the wake of Hurricane Katrina, a Category 4 hurricane that all but decimated New Orleans in late August.RMS is projecting industry-wide losses…
Mississippi AG sues insurance industry
September 16, 2005 by Canadian UnderwriterMississippi Attorney General Jim Hood has filed a complaint and a motion for a temporary restraining order against the insurance industry, seeking to declare void and unenforceable certain provisions contained in property casualty insurance policies issued to Mississippi Gulf Coast…
Lloyd’s rating stable, despite Katrina losses
September 15, 2005 by Canadian UnderwriterFitch Ratings, the international rating agency, believes the US$2.55 billion provisional estimate of net losses arising from Hurricane Katrina recently announced by Lloyd’s is within current rating expectations. As a result, “there is no immediate impact on Lloyd’s ratings,” Fitch…
Katrina mainly results in commercial lines claims
September 13, 2005 by Canadian UnderwriterCommercial insurance claims account for the majority of all New Orleans insurance claims related to Hurricane Katrina, according to Moody’s Investors Service analysts.The property/casualty industry at large will be greatly impacted by loses incurred as a result of the recent…
Insurers give Katrina victims grace period
September 8, 2005 by Canadian UnderwriterMississippi Insurance Commissioner George Dale issued a voluntary directive last week to insurers doing business in Mississippi to grant a 60-day grace period for collection of premiums owed on all types of insurance policies by residents impacted by Hurricane Katrina.…